The wealth management unit of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$119m for the fourth quarter ended 31 October 2014, up C$16m or 15% from C$103m during the same period a year ago.

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The division’s revenue for the quarter rose by 24% to C$584m from C$470m in the corresponding quarter of 2013.

According to the bank, the rise in revenue was primarily due to the acquisition of Atlantic Trust and higher average client assets under management driven by market appreciation and higher net sales of long-term mutual funds.

Private wealth management revenue increased to C$79m from C$33m in the fourth quarter of 2013, the bank said in a statement.

Revenue in the asset management unit was C$203m, up from C$165m reported in the year ago period.

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Overall, CIBC group’s fourth-quarter profit fell 1.7% after declines in its wholesale banking and Canadian lending businesses.

The group reported net income of C$811m for the fourth quarter, compared with C$825m in the same quarter a year ago. Total revenue was for the quarter was C$3.21bn, up from C$3.18bn a year earlier.

Additionally, CIBC is also seeking acquisitions in the private banking and wealth management business south of the border, said the bank’s chief executive Victor Dodig. The bank has also appointed John Manley as new chair of the board.

Steve Geist, SEVP and group head, wealth management at CIBC, said: "Our Wealth Management businesses, including our 2014 acquisition of Atlantic Trust, are all performing well.

"We will continue to invest in our platform in 2015 and beyond to enhance the client experience and further increase Wealth Management’s contribution to CIBC’s overall earnings."